A morning walk down Dalal Street | Tread with caution as momentum could fizzle out
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A strong day for Indian markets but traders preferred to book profits at higher levels. But, benchmark indices managed to end at a fresh closing high on Thursday.
Nifty hit 11600 for the first time in history. This was the 25th time when Nifty ended at a record closing high in 2018.
Traders become cautious after Beijing implemented new retaliatory tariffs against the United States. China officially retaliated against fresh duties, worth USD 16 billion, from the United States.
Things which could act as a spoiler for Indian markets is rupee which closed above Rs 70/USD and crude oil prices which rose for the fifth consecutive session on Thursday.
With the rupee once again reclaiming the Rs 70/USD mark analyst feel that IT and pharma companies will tend to benefit.
The index is facing resistance as it is approaching the key level of 11640.
The Nifty is likely to find support near 11,500-11,480, which is close to the lower end of the rising channel and the recent gap area on the daily chart.